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INSIDE

Date: 10 November 1992

Corruption Choking India Whether it is a payoff of millions to fix a sale or a few extra rupees for a rail ticket, India's corruption is beginning to anger its citizens. Page A12. Perot Files Searched The State Department, criticized for searching the passport files of Bill Clinton and his mother, did the same to Ross perot. Page A16. The Arts Beyond Moscow In Russia's provincial cities, the arts appear steadier and more settled than in the volatile metropolises of the post-Communist era. Second of three articles, page C15.

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INSIDE

Date: 11 November 1992

Gay Sailor to Be Reinstated Strongly rebuked by a Federal district judge for defying his earlier order, the Navy agreed to reinstate a gay sailor temporarily. Page A14. Con Ed Accident Kills 1

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Equitable Posts Deficit

Date: 11 November 1992

By Bloomberg News

Bloomberg News

The Equitable Companies said yesterday that a $55.6 million charge for its demutualization led to a third-quarter loss of $35.4 million, down from a deficit of $220 million on charges of $250.6 million a year ago. The insurer, which completed its move to public ownership on July 22, said earnings from continuing operations were $20.4 million, or 19 cents a share, after a $6.1 million payment of preferred dividends. "The steps we have taken to improve profitability -- including demutualization, raising new capital and cost reduction -- are beginning to show positive results," said Richard H. Jenrette, Equitable chairman and chief executive officer.

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PPG, Asahi in Venture

Date: 11 November 1992

By Bloomberg News

Bloomberg News

Two major glass makers, PPG Industries of the United States and the Asahi Glass Company of Japan announced plans today to join in a venture valued at more than $100 million to produce flat glass in northeast China. Pennvasia Ltd. of Hong Kong, an equity joint venture between the two companies, took a 60 percent stake in the new venture, the Dalian Float Glass Company. Chinese partners and a Japanese trading company made up the remainder.

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BANK RESIGNS AS TRUSTEE FOR MARRIOTT BONDS

Date: 10 November 1992

By Bloomberg News

Bloomberg News

First National Bank of Chicago has resigned as a trustee for the Marriott Corporation's bonds because, the bank said in a letter to investors, it was unable to fulfill its fiduciary duties to the bondholders. A trustee's job is to represent the interests of investors. Many institutional bondholders are unhappy over Marriott's plan, announced in early October, to split in two. The move would leave Marriott International Inc. -- including the company's lodging, food and facilities management operations -- with a clean balance sheet. A weaker concern, the Host Marriott Corporation, consisting of real estate and airport and railroad concessions, would be saddled with $2.9 billion of the company's debt.

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R.T.C. WILL SELL 56 HOMEFED BRANCHES

Date: 11 November 1992

By Bloomberg News

Bloomberg News

The Resolution Trust Corporation said yesterday it planned to sell 56 branches of Homefed Bank in 11 separate packages. All the branches are in northern and central California, and they have deposits of $1.6 billion in 134,000 accounts. The R.T.C. also is trying to sell about $1.2 billion of Homefed performing assets, including $1.11 billion in adjustable-rate mortgage loans and $61 million in fixed- and adjustable-rate second-mortgage loans.

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RAYTHEON UNIT TO BUILD CO-GENERATION PLANT

Date: 11 November 1992

By Bloomberg News

Bloomberg News

The Raytheon Company said its United Engineers and Constructors unit had received a contract to build a 46-megawatt co-generation plant in North Las Vegas, Nev., for $48 million. The plant, to be owned by Las Vegas Cogeneration L.P., will provide electricity to the Nevada Power Company and hot water to heat a nearby 12-acre greenhouse. Raytheon said the plant would go into commercial service in June 1994.

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CROWN CORK IN VENTURE TO BUILD PLANT IN CHINA

Date: 11 November 1992

By Bloomberg News

Bloomberg News

The Crown Cork and Seal Company of Philadelphia said it had formed a joint venture in Shanghai, China, that will make two-piece aluminum beverage cans. Alan Rutherford, chief financial officer, said the total cost of the venture was $22 million. Crown Cork already operates one joint-venture beverage-can plant in China's Guangdong Province and one in Hong Kong's New Territories.

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T.W.A. GETS COURT APPROVAL TO REJECT LEASES

Date: 11 November 1992

By Bloomberg News

Bloomberg News

A Federal bankruptcy judge approved Trans World Airlines Inc.'s rejection of leases on 20 wide-bodied airplanes -- 17 Lockheed L-1011's and three Boeing 747's -- saying the aircraft were simply not needed. T.W.A. had asked to reject the leases as part of a strategy to switch gradually to smaller, more fuel-efficient aircraft. Judge Helen Balick denied the objections of two lessors, saying she would not get involved in "the push and shove" of negotiations.

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INTEL SHOWS LOW-POWER CHIP FOR LAPTOP COMPUTERS

Date: 10 November 1992

By Bloomberg News

Bloomberg News

The Intel Corporation yesterday introduced a lower-voltage version of its 486SL chip for use with laptop computers. Intel said the 486SL microprocessor, essentially a computer on a single chip, consumed 3.3 volts of power, compared with older versions that require 5 volts.

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